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Electric cars are all the rage nowadays, with market leaders like Tesla pioneering attractive and functional vehicles for the general market. This popularity, as well as environmental concerns, have led to an increased interest in electric vehicles all across the US.
And with increased interest comes new ideas and innovations in the form of startups. In 2023, there are many successful electric car startups across the country.
To find out more, we’ve created a comprehensive list of the most impressive electric car startups of 2023.
Methodology
Before we get into our top ten list, it’s important to understand which factors we considered when compiling the most impressive electric car startups:
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Search Growth Rate. A startup’s five-year growth rate can tell you a lot about its success of that startup. In this case, the growth rate of these startups was measured by the increase in search volume.
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Funding. Startups can’t go anywhere without funding, and the ones that receive the most funding often offer new and innovative ideas that investors are interested in.
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Year Founded. The age of a startup can determine success based on whether or not that startup has already peaked in growth or whether growth is just getting started. New startups may seem more successful on paper but can also be more unstable.
Remember that these factors are all important for determining the success of a startup, which is why this list will provide the most impressive startups that excel in one or more of these criteria.
With these in mind, here are the top ten most impressive startups of 2023:
Detailed List of the Top 10 Most Impressive Electric Car Startups of 2023
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Fastest Growing – Vinfast
Search Growth: 2,233% (Exploding)
Funding: $135 million
Year Founded: 2017Based in Hanoi, Vietnam, Vinfast is one of the most impressive electric car startups on this list. The company has been on a significant growth trajectory since its conception in 2017, with no signs of slowing down.
The company’s models include the VF6, VF7, VF8, and VF9, all of which represent different sizes and niches. The starting price of a Vinfast car is $40,700, with the average price being around $57,000. This makes the cars somewhere between affordable and luxurious.
As of 2023, this startup plans to invest up to $6.5B in US EV production capabilities, which will likely lead to increased popularity and success in the US.
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Most Funded – Tesla
Search Growth: 63% (Regular)
Funding: $20.2 billion
Year Founded: 2003Everyone has heard of Tesla, and there’s a reason why. This highly successful US electric car startup has raised over $20.2 billion over its 20-year lifespan. The Tesla Model Y is also the most popular and best-selling electric car in the US, showing just how big this startup has become.
Others among Tesla’s popular electric car models include the Model S Plaid, Model 3 Rear-Wheel Drive, Model 3 Performance and the Model X Plaid. Combined, all of Tesla’s models sold over 1.31 million vehicles in the US over the course of 2022.
While today Tesla faces more competition than ever before, the startup is still going strong and has yet to be dethroned in the US.
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Oldest – Polestar
Search Growth: 481% (Exploding)
Funding: $1.6 billion
Year Founded: 1996Polestar’s recent boom in growth since 2019 is even more impressive, given that this startup was founded in 1996. This was when only 2% of car sales were eclectic, making Polestar a truly innovative startup.
This startup was founded in Göteborg, Sweden, and has seen an explosion of sales in the US. In 2020, only 134 of their electric cars were sold in the US, compared to 4,490 in 2021. That’s a 3,250% increase in only one year.
Polestar has three major models, aptly named Polestar 1, Polestar 2, and Polestar 3. These cars have a starting cost of around $48,400.
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Newest – Hyzon Motors
Search Growth: 1,900% (Peaked)
Funding: $200+ million (undisclosed)
Year Founded: 2019One of the most recently founded electric car startups out there, the New York-based Hyzon Motors, has experienced explosive growth since 2021.
This growth can partially be attributed to the startup’s mission, as Hyzon is particularly concerned with the fact that the trucking industry is responsible for 26% of worldwide C02 emissions. As an innovative answer to this dilemma, Hyzon Motors offers large, hydrogen-powered vehicles.
The company’s models include anything from semi-trucks to buses, which can offer anywhere from 200 to 700 miles in range.
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Ola Electric
Search Growth: 2,800% (Peaked)
Funding: $861.2 million
Year Founded: 2017Ola Electic’s boom in search growth peaked in 2021, but the startup is still going strong. As an Indian-based company, Ola provides vehicles for a unique niche in the world market.
For example, 80% of vehicles sold in India are two-wheelers; however, these vehicles are still responsible for 40% of all pollution in the country. To remedy this, Ola offers electric-powered scooters and other two-wheel vehicles.
Their models include the S1 and the S1 Air, which are available for the affordable price of $1,000 (?89,999). It’s unclear whether Ola could succeed in the US market, but Europe and other Asian markets still offer a lot of potential for the company.
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Rivian
Search Growth: 1,700% (Peaked)
Funding: $10.7 billion
Year Founded: 2009Especially concerned with creating environmentally friendly vehicles, Rivian is one of Tesla’s direct competitors. The startup has raised over $10 billion, an impressive amount of funding that’s being used to create new and innovative electric cars.
Rivian specifically fills the niche market of electric trucks and SUVs, which offer substantial storage space while still being environmentally friendly. Their two most popular models include the R1T pickup truck and the R1S SUV.
The size of these vehicles does make them more expensive than some other electric cars, though, with an average starting price of around $75,000.
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Zenobe Energy
Search Growth: 1,100% (Exploding)
Funding: $687.7 million
Year Founded: 2017Starting out as a battery company, this UK-based electric car offshoot focuses on creating e-buses. In the UK, roughly 25% of all e-buses run on Zenobe batteries, and the company aims to produce 3,000 e-buses by 2025.
While Zenobe is a relatively new startup, the company’s ultimate goal is very clear. Overall, their target is to save over 1 million tons of CO2 and over 92M liters of diesel per year.
And, with over half a million in funding and an exploding growth rate, it seems Zenobe is well on the way to accomplishing its goals.
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Rad Power Bikes
Search Growth: 900% (Peaked)
Funding: $329.3 million
Year Founded: 2007Based in Seattle, Washington, this startup has been shaking up US electric vehicle market for some time. Rad Power Bikes specializes in e-bikes, which have become especially popular in recent years.
More specifically, e-bikes actually began to outsell electric cars in urban areas since the 2020 pandemic. This wave of popularity has put Rad Power Bikes on the map and increased the popularity of two-wheel transport in the US overall.
As of 2023, this startup offers at least six in-demand models, including the RadCity, RadRover, RadRunner, RadExpand, RadWagon, and the RadTrike. As far as electric vehicles go, these bikes are a highly affordable option. Their starting price is only $1,500, with some of the larger models reaching over $2,500.
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Canoo
Search Growth: 800% (Exploding)
Funding: $550 million
Year Founded: 2018Founded in California, Canoo is a new and innovative electric car company that offers a wide range of vehicle types. These vehicles, including pickup trucks, MPDVs, and lifestyle vehicles, fill a variety of niches.
As of 2023, you can pre-order one of Canoo’s lifestyle cars for only around $40,000, making it cheaper than many other electric car options.
Additionally, Canoo is also making a splash for being NASA’s official pick as the vehicle supplier of the first human lunar landing in more than 50 years.
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Atlis Motor Vehicles
Search Growth: 142% (Peaked)
Funding: $69.3 million
Year Founded: 2016Atlis Motor Vehicles is an Arizona-based electric car company that specializes in trucks. In more detail, this startup’s main goal is to convert existing gas and diesel trucks to electric.
The primary model offered by Atlis is the AMV XT, which is a pickup truck capable of traveling over 500 miles and towing up to 35,000 lbs. The truck is available for a shockingly low starting price of $45,000.
One of the unique aspects of this startup is the patent-pending proprietary battery technology, which will set them apart from others in the EV space.
Conclusion
When it comes to spotting success and innovation among electric car startups, it’s important to consider many factors. From who’s growing most rapidly to who’s raised the most money, there are several impressive EV startups to look out for in 2023.
Our fastest-growing pick is Vinfast, while the most funded is still Tesla.
New advancements in technology are making electric vehicles more impressive than ever before, making it a truly special time for entrepreneurs, investors, and customers alike.
And as new innovations continue, we can expect to see more and more impressive growth from these startups going forward. Further, even when one vehicle idea fails or stagnates, there will be new eco-friendly ones that rise and overtake the market.
Author
Jack Flynn is a writer for Zippia. In his professional career he’s written over 100 research papers, articles and blog posts. Some of his most popular published works include his writing about economic terms and research into job classifications. Jack received his BS from Hampshire College.
